Potomac Tech Wire - May 7
Herndon-based HawkEye 360 Raises $416 Million in IPO; Stock Jumps 30%
o HawkEye 360 Raises $416 Million in IPO; Stock Jumps 30%
o Reston-based Scout Space Raising $18 Million in Series A
o Ridgeline Capital Closes on $180 Million for 2 Funds
o RMR & Associates to Merge with Florida-based 2TON
o TurbineOne Moves HQ to Chantilly from San Francisco
o Rob Albritton to Lead AI Initiatives at Enlightenment Capital
> Next Week: Social Media Marketing for GovCon - Reston (May 15)
o Briefly Noted: TEDCO - Jordan, Marketbridge - Geoffrey Sidari, Cycurion
HawkEye 360 Raises $416 Million in IPO; Stock Jumps 30%
Herndon, Va. - HawkEye 360, the Herndon-based satellite signals intelligence and data analytics company, has raised $416 million through an initial public offering. The company sold its IPO shares at $26 each and saw its stock jump over 30% in mid-day trading on Thursday. Its ticker symbol is HAWK on the NYSE. Earlier this year, the company acquired Texas-based Innovative Signal Analysis (ISA), in a deal backed by $150 million in equity and debt financing in a Series E round. HawkEye helps defense, intelligence and national security agencies detect and analyze radio frequency emissions.
Reston-based Scout Space Raising $18 Million in Series A
Reston, Va. – Scout Space, a developer of space sensors and software, announced that it has raised up to $18 million in a Series A round. Washington Harbour Partners led the round. The company said it will use part of the proceeds to build out a new 2,600-square-foot facility in Northern Virginia. Scout Space’s sensors, used by both commercial and national security markets, can detect and track objects in orbit.
“Space is becoming more dynamic, contested, and critical to national security,” said Mina Faltas, founder and CIO of Washington Harbour Partners. “Scout is building the sensing layer needed to understand and operate in that environment. Their platform-agnostic approach allows them to integrate across missions and architectures – positioning them as a critical supplier in the next generation of space infrastructure.”
Ridgeline Capital Closes on $180 Million for 2 Funds
Washington, DC – Ridgeline Capital Management, an early-stage venture capital firm with offices in Memphis and Washington, D.C., announced that it has closed on two funds with over $180 million in commitments that includes backing from the SBA. One of the funds is part of the first cohort of Small Business Investment Company (SBIC) Licensees approved under the Small Business Investment Company Critical Technology (SBICCT) initiative launched by the U.S. Office of Strategic Capital. FedEx and Cisco also provided backing.
“We see alignment between what large enterprises require and what government systems ultimately depend on,” said Ryan Clinton, General Partner at Ridgeline. “We back world-class founders building durable technology for the broader industrial base – creating technologies that work in the real world for demanding customers across both commercial and government sectors.”
Potomac-based RMR & Associates to Merge with Florida-based 2TON
Rockville, Md. – RMR & Associates, the Potomac, Md.-based marketing and public relations firm, announced a strategic merger with Florida-based 2TON, a creative and digital marketing firm. As part of the merger, RMR will operate as a specialized B2B public relations division.
“For almost three decades, RMR has helped organizations, from startups to Fortune 500, to navigate and overcome their marketing challenges, define and cement their strategic position for long-term growth, and driven measurable results,” said Robyn Sachs, president and CEO of RMR. “Joining forces with 2TON allows us to bring existing and new clients an even more powerful, fully integrated platform.”
TurbineOne Moves HQ to Chantilly from San Francisco
Chantilly, Va. – TurbineOne, an AI-based defense software company formerly based in San Francisco, announced the opening of a new headquarters and an R&D demonstration facility in Chantilly. The company said the new facility will serve as both an operational headquarters and demonstration environment for customers. “We built this facility so warfighters and national security professionals can work directly with our technology and help shape how it performs in real-world conditions,” said Ian Kalin, CEO of TurbineOne.
Rob Albritton to Lead AI Initiatives at Enlightenment Capital
Chevy Chase, Md. – Enlightenment Capital, the government and defense focused investment firm, has named Rob Albritton as its managing director of technology and innovation. Albritton will lead Enlightenment’s AI initiatives. Previously, he led Octo’s AI Center of Excellence, and also has worked on the public sector AI team at NVIDIA and at MITRE.
“I am excited to join Enlightenment Capital at a pivotal period of AI development and accelerating innovation in the defense technology sector,” said Albritton. “I look forward to partnering with the firm’s outstanding management teams to drive growth and AI adoption.”
Social Media Marketing for GovCon on May 15 at 8:30 AM in Reston
Register today to secure your spot.
The event will feature leading digital strategy and communications experts who will share their perspectives on the unique, and evolving social landscape and the trends for the GovCon sector. More info here.
Briefly Noted:
(Columbia, Md.) TEDCO, Maryland’s economic development agency for technology, has signed a Memorandum of Understanding with the Ministry of Digital Economy and Entrepreneurship of the Kingdom of Jordan. The agreement details various areas for cooperation, including events and support for a Jordanian technology hub.
(Bethesda, Md.) Marketbridge, a growth consulting firm, has named Geoffrey Sidari as its Chief Innovation Officer and Head of AI. Sidari formerly served as EVP of Analytics at Ruth Communications.
(McLean, Va.) With its stock down 70% this year, Cycurion, a McLean-based cybersecurity company that trades on the Nasdaq, announced that it has reached an agreement to acquire Seattle-based Halo Privacy, a provider of secure communication. Cycurion said Halo will provide it with about $5.5 million in annual recurring revenue (ARR). Cycurion has a market capitalization of about $5 million.
